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Thursday, June 04, 2020, 21:52
HK firms currently raising funds at fastest pace all year
By Bloomberg
Thursday, June 04, 2020, 21:52 By Bloomberg

A woman looks at her mobile phone as the Standard Chartered Plc building, rear right, and the HSBC Holdings Plc building, second right, stand among other commercial buildings in Hong Kong, China, June 4, 2020. (ROY LIU/BLOOMBERG)

Hong Kong-listed firms are on a fundraising spree.

Seven companies have raised a total of US$1.76 billion this week alone, the most both in terms of number of deals and amount since the start of the year, according to data compiled by Bloomberg.

The latest to tap the market was property developer China Vanke Co. which raised US$1.02 billion overnight

The latest to tap the market was property developer China Vanke Co. which raised US$1.02 billion overnight, almost topping fellow developer Sunac China Holdings Ltd.’s US$1.03 billion share sale in January, so far the largest deal of the year.

READ MORE: HK’s IPO funds seen to dip 30% in 2019

Firms across Asia have been selling shares to shore up balance sheets as they prepare to weather an economy battered by the coronavirus pandemic. Sales of new shares in Hong Kong have so far trailed those in other markets such as Australia and India, where regulators moved to relax rules around capital-raising. Additional offerings in the financial hub had so far mostly consisted of shareholders monetizing their stakes as the market recovered from a March slump.

ALSO READ: Meituan confirms plans to raise funds in HK

Activity has picked up in the last two weeks. Geely Automobile Holdings Ltd. raised US$867 million in a placement last week -- the largest deal in Hong Kong since a fundraising spree in January during a market rally prior to the coronavirus epidemic. Property management firms Ever Sunshine Lifestyle Services Group and Greentown Service Group Co respectively sold US$204 million and US$351 million in new shares this week, adding to deals by China Meidong Auto Holdings and Minsheng Education Group.

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